Alabama § 11-54-93 Disposition of Net Earnings of Boards

Alabama Statutes

§ 11-54-93 — Disposition of Net Earnings of Boards

Alabama·Title 11 Counties and Municipal Corporations·Ch. 54 Promotion of Industry, Trade, Commerce and Pollution Control·Art. 4 Industrial Development Boards·Div. 1 General Provisions

The industrial development board shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall enure to the benefit of any individual, firm, or corporation; except, that in the event the board of directors of the board shall determine that sufficient provision has been made for the full payment of the expenses, bonds, and other obligations of the board, then any net earnings of the corporation thereafter accruing shall be paid to the municipality with respect to which the board was organized.

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The industrial development board shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall enure to the benefit of any individual, firm, or corporation; except, that in the event the board of directors of the board shall determine that sufficient provision has been made for the full payment of the expenses, bonds, and other obligations of the board, then any net earnings of the corporation thereafter accruing shall be paid to the municipality with respect to which the board was organized.

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